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Project objective

Analyze the advantages and disadvantages of using Social Networks in business.

The social media is an online communication technique that is used by the company and individuals to share their specified or unique data with friends, colleagues, and family members. In the recent era, many social webs are used by the company to spread the awareness towards their products and services. There are certain methods and webs that are considered in the social networks such as WhatsApp, Snapchat, Facebook, Instagram, Twitter, Pinterest, and LinkedIn.  In the current era, approximately 45 billion of individuals have practiced the social networks to communicate with each other and share their important data on the websites. It is addressed that 1.86 billion of individuals have used the Facebook to interact with their family, friends, and colleagues (Turban, et. al., 2017).

In the current era, it is evaluated that a young people have used the social networks. Furthermore, social media could directly impact on the growth of the business. The company has needed to improve their existing information about the social networks as it would be supportive to motivate huge amount of consumers (Sekaran and Bougie, 2016).

In addition, the organization has requisite to know how consumers could be inspired by social networks. Consequently, it will support the organization to obtain higher competitive benefits. The company could imply the social networks to obtain opinion, views, and needs of consumers. It could aid the organization to satisfy a huge amount of consumers. Consequently, the organization could be capable to obtain higher competitive benefits. The social networks make enable the firm to sell their products and services to their specified consumers (Cook, 2017).

The primary aim of this study is to analyze the advantages and disadvantages of practicing social networks in the business. The following estimated objectives will be used by the research scholar to attain the aim of research appropriately:   

  • To identify the meaning and concept of social networks- In case of Wesfarmers, Australia.
  • To explore the advantages of social networks - In case of Wesfarmers, Australia.
  • To identify disadvantages of social networks - In case of Wesfarmers, Australia.       
  • To suggested strategies for improving the social network's practices in the organization of social networks - In case of Wesfarmers, Australia.

This research proposal is imperative to develop knowledge about advantages and disadvantages of practicing social networks in the organization. The use of social networks in the organization as it would be an inspiring matter for the research issue. The best understanding of social networks could support the company to enhance organizational performance and improve professional skills of research scholar (Borgatti, et. al., 2018).

This proposal is imperative for the research scholar to obtain the reliable and valid result in upcoming time. In the recent era, the company uses the social networks to keep the effectiveness of employees and firm. This proposal aid the company to make an effective decision as it would support to improve social media practice in the organization. This proposal could be effective for the research scholar to improve their understanding towards any social media sites as it would be imperative in case researcher wants to make their career in the social media. Further, the company could be capable to obtain higher competitive benefits (Turban, et. al., 2015).    

Project Scope

Introduction

This section helps to gain the understanding of reader and research scholar about advantages and disadvantages of social networks in the business. The researcher could consider many sources to collect conceptual understanding about research issue. These sources are an academic journal article, books, magazines, and online and offline sources. Further, this chapter will support to obtain reliable information about the current research matter (Bryman and Bell, 2015).         

To identify the meaning and concept of social networks- In case of Wesfarmers, Australia  

According to Burns (2016), the social network is used for the organization caused of attracting a huge amount of individuals in the least time and cost. It facilitates firm to share their information with their teamwork to attain the aim and objectives of the organisation. It is also evaluated that there are certain kinds of social media sites like Snapchat, Instagram, LinkInd Facebook, and Twitter as it would support to obtain higher profit. Consequently, it could support the organization to share their data about goods and services among specified consumers. Further, the social network aid organization to enhance the situation of the firm.

In opposition to this, Hair Jr et al. (2015) stated that organization uses the social networking to enhance their brand loyalty and recognition. Since, it enables the organization to access more for new customers and more familiar for their existing consumers. It helps the organization to spread awareness of the brand in the marketplace and differentiate their products and services as compared to the competitors. The social networking is the application of social media programmes to make a link with family, friends, and classmates, clients, and consumers. The social networking occurs for both business and social purpose. It is also stated that the social networking is an effective way to engage the company to their specified consumers and obtain a reliable outcome.             

To explore the advantages of social networks - In case of Wesfarmers, Australia  

Eriksson and Kovalainen (2015) argued that the social media is a cost-effective digital marketing technique to enhance their awareness towards products and services among specified consumers. It could support to improve the organizational performance by spreading awareness in the marketplace. It is also found that the execution of social network strategies will effectively increase brand consciousness caused by engaging the firm with their potential consumers. The company could imply social networks to introduce their new product and services into the new marketplace. Through this, the organization could be capable to openly communicate with their customers as it would support to comprehend the consumers’ needs causing of completing their desire needs and retain them in long-term.

Literature review

In opposition to this, Luo and Zhong (2015) examined that company cannot get higher success from the marketplace in lack of the social media. Moreover, it is also stated that organization could practice ranking structure as it would be effective for determining the number of visitors on the organization sites. It could support the organization to examine the people who are interested in the products and services of the organization. Therefore, it can be illustrated that social network could be an effective approach to increase the organizational performance. It could also be effective for enhancing the loyalty of consumers. It provides the new opportunity to the organization for increasing their number of customers in the least time and cost. It will also help to obtain a higher competitive benefit. The social networks could support to create the best understanding of the company to the consumers. It will also facilitate the firm to obtain different thoughts of consumers. 


In favor of this, Ruggie (2017) evaluated that the social network is an effective method to enhance SEO (search engine ranking) of the firm. It could also facilitate the firm to make their distinguish image in the marketplace. The SEO is the best method for the attainment of higher ranking and enhance the traffic on the organizational web. It is also evaluated that approx. 59% of businesspersons have increased their search engine rankings by applying the social networks. The company could information exchange their information among positive result for the organization.     

On the other side, Schaltegger and Wagner (2017) explained that clear visibility could enable the organization to effectively manage the change and obtain a reliable outcome. Further, it is also analyzed that each image, blog post, comment, and video could lead the viewers of the company’s websites and increase the traffic. The social media marketing could allow the organization to make a favorable image in the consumers’ mind. It will also support to obtain a higher competitive benefit in the least time and cost. The organization could imply the social networks and share their post, idea, and comment as it would support to obtain higher profitability. In the current era, consumers are the knowledgeable cause of social networks hence organization should need to develop their unique image in the marketplace and get a reliable result. It will be supportive to increase the market share and profitability of the firm. Hence, it is also found that organization is needed to offer the quality products and services to their consumers and offer unique services as it would enable to obtain higher profit.           

In opposition to this, Prpi? et al. (2015) opined that the social networks could be supportive to increase the consumer's satisfaction level. It could be imperative for communication and networking. In addition, it is also found the social networks facilitate the company to influence a huge amount of customers towards company’s goods and services. It would improve the existing performance of the organization. It is found that the visitors understand that if they comment and post on the company they would get the personalize reaction.             

In support of this, Denscombe (2014) explained that the social networks could enhance consumer loyalty about goods and services of the company. In the current era, organization concentrates on the enhancement of consumer loyalty. It is also found that the customer satisfaction could enhance the awareness from one to other. In addition, the organization is engaged with consumer and makes a reliable relation as it would support to enhance the brand loyalty in the upcoming period.             

To identify disadvantages of social networks - In case of Wesfarmers, Australia      

According to Bryman (2015), social media could negatively influence the business growth caused by everyone is free to share their post, comments, and views on the websites. Moreover, it is also evaluated that the satisfied individuals leave their positive experience on the website while unsatisfied individuals could share their negative experience as it would make a negative image in the consumer’s mind. Thus, it would decline the sale of the organization in the least time and cost.

On the other side, Hinz Schulze and Takac (2014) explained that the application of the social media tools could be time-consuming and costly as compared to other promotional techniques as it would also the negative image on the marketplace.The company could take the effort to maintain the social media practices. An organization can take more effort to keep the social media practices in the business that can be expensive to successfully operate the business. It is also found that if the company has lack of human resources then it could be complicated to effectively distribute the sources of social media. In addition, it is also analyzed that human resources could be imperative component for the organization to react on the feedback, queries of consumers (Nielsen and Schrøder, 2014). It is also found that workforces could play a crucial role in making an effective relationship with customers by implying the social media. Hence, it can be said that human resources could negatively influence the performance of the organization.   


In favor of this, Trainor et al. (2014) opined that the social media enables everyone to freely express their opinion, feelings, and consumers perceptions. As a result, it could negatively influence the business growth. Therefore, it can also be evaluated that one negative post of the organization could decline the financial condition of business by making a negative image of the brand in the consumer’s mind. In addition, it is also analyzed that the social network could prevent the company to continue growing.       

To suggested strategies for improving the social network's practices in the organization of social networks - In case of Wesfarmers, Australia

Serrat (2017) suggested that company should use the marketing mix strategy for effective use of social networks. Further, the marketing mix strategy considers many elements like price, product, place, and promotion. Through this strategy, the company will be capable to make an effective decision towards firm. As a result, the organization will be capable to obtain a higher competitive benefit. In addition, it is also stated that organization should give more priority to their specified customers rather than focus on product and services promotion.

Moreover, social media facilitate the organization to openly communicate with consumers and obtain a reliable outcome. The organization should also need to gain depth understanding about the social media practices caused of attracting a large of a number of consumers and retain them of long-term. Consequently, the organization would be capable to enhance their productivity in the least time and cost. It could also support to comprehend how consumers will be influenced together with examining ways of enhancing the customer loyalty (He, et. al., 2015). It will support the organization to retain their customers for long-term and simply attract new consumers.  

In opposition to this, Hollenbeck and Jamieson (2015) examined that organization should use marketing strategy as it would be effective to build an effective relationship with customers. Consequently, the organization could improve their brand image in the market as it would support to enhance the profitability of the firm. An organization should also make a clear goal and objective towards the social media as it would support to make a clear image of the brand in the consumer’s mind. It will also a direct impact on the growth of the organization. It could also be effective for the attainment of targeted goal in the least time and cost. Moreover, it is also found that a company should concentrate on certain factors like cost, network and time. Through this, the organization will be able to obtain a reliable and valid outcome. Moreover, it is stated that the appropriate use of social network could facilitate the organization to enhance their business growth and obtain a reliable outcome.   

Conclusion

With respect to the above discussion, it can be summarized that the social network could directly influence the growth of the business. In can be concluded that social network could aid the organization to promote their products and services among consumers. The social network could aid the organization to determine needs of consumers and meet them accordingly. Consequently, the organization could make their positive image in the marketplace by using the social networks.

It can also be stated that company could also be capable to get the higher competitive benefit in the least time and cost. In addition, it can also be evaluated that the social media could also a negative impact on the organizational performance by offering the equal value to everyone for sharing their ideas and views. Through this, an individual could share their positive as well as negative experience on the social media. Hence, it is analyzed that negative comment of individuals could negatively impact on the organizational performance.

Moreover, it is also found that organization should use marketing mix strategy as it would be effective to improve the use of social network in the organization and obtain a reliable outcome. The marketing mix strategy will also aid the company to effectively operate their business. 

References

Borgatti, S.P., Everett, M.G. and Johnson, J.C., 2018. Analyzing social networks. USA: Sage.

Bryman, A. and Bell, E., 2015. Business research methods. USA: Oxford University Press.

Bryman, A., 2015. Social research methods. USA: Oxford university press.

Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.

Cook, N., 2017. Enterprise 2.0: How social software will change the future of work. UK: Routledge.

Denscombe, M., 2014. The good research guide: for small-scale social research projects. McGraw-Hill Education (UK).

Eriksson, P. and Kovalainen, A., 2015. Qualitative methods in business research: A practical guide to social research. USA: Sage.

Hair Jr, J.F., Wolfinbarger, M., Money, A.H., Samouel, P. and Page, M.J., 2015. Essentials of business research methods. UK: Routledge.

Hajli, N., 2015. Social commerce constructs and consumer's intention to buy. International Journal of Information Management, 35(2), pp.183-191.

He, W., Wu, H., Yan, G., Akula, V. and Shen, J., 2015. A novel social media competitive analytics framework with sentiment benchmarks. Information and Management, 52(7), pp.801-812.

Hinz, O., Schulze, C. and Takac, C., 2014. New product adoption in social networks: Why direction matters. Journal of Business Research, 67(1), pp.2836-2844.

Hollenbeck, J.R., and Jamieson, B.B., 2015. Human capital, social capital, and social network analysis: Implications for strategic human resource management. The Academy of Management Perspectives, 29(3), pp.370-385.

Luo, Q. and Zhong, D., 2015. Using social network analysis to explain communication characteristics of travel-related electronic word-of-mouth on social networking sites. Tourism Management, 46, pp.274-282.

Nielsen, R.K., and Schrøder, K.C., 2014. The relative importance of social media for accessing, finding, and engaging with news: An eight-country cross-media comparison. Digital journalism, 2(4), pp.472-489.

Prpi?, J., Shukla, P.P., Kietzmann, J.H., and McCarthy, I.P., 2015. How to work a crowd: Developing crowd capital through crowdsourcing. Business Horizons, 58(1), pp.77-85.

Ruggie, J.G., 2017. The theory and practice of learning networks: Corporate social responsibility and the Global Compact. In Learning To Talk (pp. 32-42). UK: Routledge.

Schaltegger, S. and Wagner, M. eds., 2017. Managing the business case for sustainability: The integration of social, environmental and economic performance. UK: Routledge.

Sekaran, U., and Bougie, R., 2016. Research methods for business: A skill building approach. USA: John Wiley and Sons.

Serrat, O., 2017. Social network analysis. In Knowledge solutions (pp. 39-43). USA: Springer, Singapore.

Trainor, K.J., Andzulis, J.M., Rapp, A., and Agnihotri, R., 2014. Social media technology usage and customer relationship performance: A capabilities-based examination of social CRM. Journal of Business Research, 67(6), pp.1201-1208.

Turban, E., King, D., Lee, J.K., Liang, T.P. and Turban, D.C., 2015. Electronic commerce: A managerial and social networks perspective. UK: Springer.

Turban, E., Outland, J., King, D., Lee, J.K., Liang, T.P. and Turban, D.C., 2017. Electronic Commerce 2018: A Managerial and Social Networks Perspective. USA: Springer.

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My Assignment Help. Advantages And Disadvantages Of Using Social Networks In Business Essay. [Internet]. My Assignment Help. 2019 [cited 21 July 2024]. Available from: https://myassignmenthelp.com/free-samples/concept-of-social-networks-in-case-of-wesfarmers.

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